Ann: Investor teleconference - 31 May 2019, page-57

FEB 2019 to present 14c to 5c - Anger gave way to fear and doubt.

Momentum was building in the rising share price prior to the placement announcement made 20FEB19,
(A necessary placement in anticipation of a pipe line approvals to future gas flow/cash flow)

Many here were angered with disapproval at timing of the placement and naturally the selling began to snuff out
the price rise to bring it back to the placement level at 10.5c
(I think placement recipients know ahead of time that a placement is coming and sell out in preparation to fund it - snuffing out price rises)
Sure enough, 47million+ shares at 10.5c were issued on 19MAR19 and the price for that day was.....10.5c

15APR19 Announcement indicated wells were shut in for pressure build up till 21MAY19 (Holidays -nothing going on)

When a commodity is taking a tumble (Crude price crashes $63 to $50) the market is looking for reasons to sell
RLE gave them that timely reason with the unwelcome Tax Office challenge.

So that's where we are now,
Placement holders like long term holders sitting on losses,
some still in the process of netting off their losers for the end of the FY - thus there are still no shortage of sellers in the market.

Is that all there is to this sell off?
Basin centered gas skeptics remain in charge - at least until the reserves are in.